Market Overview
▪ On January 16, Hong Kong stocks closed with slight adjustments across the three major indices.
▪ The Hang Seng Index closed at 26,844.96 points, down 0.29%, retreating from a recent peak and currently facing difficulty in challenging new high levels.
▪ The Hang Seng Tech Index closed at 5,822.18 points, down 0.11%, with minor adjustments today.
▪ The China Enterprises Index closed at 9,220.81 points, down 0.50%, showing a high-level fluctuation recently.
Sector Performance
▪ The retail sector showed significant volatility, with a strong wait-and-see sentiment in the market. Leading stocks diverged, with Alibaba -W rising 0.97% and a trading volume of HKD 13.213 billion, performing relatively well, while JD -SW fell 1.30% and Miniso dropped 0.57%. Overall, funds rotated within the sector, with some large-cap stocks receiving inflows, but trading remained relatively cautious.
▪ The internet content and information sector experienced fluctuations, with mixed performances among leaders. Tencent Holdings fell 0.72%, with a latest trading volume of HKD 12.738 billion, Kuaishou -W dropped 1.51%, and Baidu -SW decreased by 0.41%. Short-term fund preferences weakened, lacking significant news drivers, with a wait-and-see atmosphere dominating trading.
▪ The life sciences tools and services sector showed volatility, but some individual stocks rose against the trend. WuXi Biologics fell 0.60%, with a trading volume of HKD 8.515 billion, indicating that funds are still positioning in leading pharmaceutical stocks. Crystal International Holdings rose 1.36%, and WuXi AppTec increased by 0.92%, reflecting a structural preference for technological innovation and biomedicine.
Macroeconomic Background
▪ Recently, the Hong Kong stock market has been influenced by fluctuations in foreign exchange reserves, adjustments in retail and trade data, along with changes in PMI and CPI. Investors are keeping an eye on the momentum of economic recovery and corporate profit expectations. The market's sensitivity to interest rates and liquidity has increased, making fund flows and policy trends core points of focus. Overall, the macroeconomic fundamentals have become key determinants of current market volatility, with investors' risk appetite trending towards moderation.
Popular Stocks
▪ MINIMAX-WP (100.HK) rose 22.35%, with a trading volume of HKD 1.146 billion. On January 9, the company's first day of listing in Hong Kong saw a surge of up to 109%, becoming a popular stock in the recent AI large model theme. The IPO was priced at HKD 165, with subscriptions exceeding 1,837 times, attracting significant international funds, continuously boosting the spread of technology hotspots, and the stock price has now risen to HKD 438.
▪ Synagistics (2562.HK) rose 17.84%, with a trading volume of HKD 2.186 billion. The company is in the AI application sector and has recently seen active trading due to strong buying power, resulting in net inflows from major funds, with five consecutive trading days of increases and a weekly rise of over 99%. With the rising popularity of digital platforms empowered by AI and SaaS, market growth expectations have heated up, driving the stock price to continue strengthening
▪ Zhaoyi Innovation (3986.HK) rose by 16.74%, with a transaction volume of HKD 716 million. On January 13, it completed its H-share listing with a 45.06% increase, raising HKD 4.684 billion. The company stated that it will continue to strengthen its global and diversified layout in semiconductor storage and control chips.
▪ CITIC Resources (1205.HK) rose by 26.83%, with a transaction volume of HKD 48.2678 million. The company announced the sale of its shares in Alcoa to optimize liquidity and asset allocation, leading to a significant surge after resuming trading, with intraday gains exceeding 21%. Although the sale did not have a substantial impact on performance, the market reacted positively to the improvement in liquidity, with short-term capital attention increasing.
▪ Shenghui Clean (2521.HK) rose by 26.19%, with a transaction volume of HKD 16.3053 million. The company announced the acquisition of 15 patents to supplement its technology reserves and enhance competitiveness. The merger and acquisition activity received positive feedback from the capital market, resulting in short-term stock price fluctuations.
Market Transaction Volume TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 166.20, increase of 0.97%, transaction volume HKD 13.213 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 617.50, decrease of 0.72%, transaction volume HKD 12.738 billion
▪ WuXi Biologics (02269.HK) latest transaction price HKD 39.78, decrease of 0.60%, transaction volume HKD 8.515 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 37.10, decrease of 2.01%, transaction volume HKD 7.392 billion
▪ SMIC (00981.HK) latest transaction price HKD 79.20, increase of 2.39%, transaction volume HKD 6.964 billion
▪ Pop Mart (09992.HK) latest transaction price HKD 178.60, decrease of 5.60%, transaction volume HKD 5.957 billion
▪ Trip.com Group -S (09961.HK) latest transaction price HKD 466.20, increase of 1.35%, transaction volume HKD 5.503 billion
▪ Hua Hong Semiconductor (01347.HK) latest transaction price HKD 106.80, increase of 7.39%, transaction volume HKD 3.836 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 100.00, decrease of 0.79%, transaction volume HKD 3.754 billion
▪ Kuaishou -W (01024.HK) latest transaction price HKD 78.35, decrease of 1.51%, transaction volume HKD 2.934 billion

On January 16th, the three major indices of the Hong Kong stock market experienced slight adjustments, with the Hang Seng Index and the Hang Seng TECH Index retreating slightly, and the previous gains failing to continue. Mainstream sectors showed divergence, with retail and internet leaders exhibiting fluctuating performances. Short-term capital focused on technology and high-tech concepts, with notable gains in popular stocks such as MINIMAX-WP and SYNAGISTICS. The market is highly sensitive to liquidity, macroeconomic recovery, and corporate profit expectations, with an overall moderate risk appetite

- On January 16, Hong Kong stocks showed slight adjustments, with the Hang Seng Index closing at 26,844.96, down 0.29%.  
- Market activity was cautious amid mixed performance in various sectors, particularly in retail and technology, with significant stock movements driven by AI and recent IPO activities.  
- Investors remain focused on economic recovery indicators and corporate earnings amid rising sensitivity to interest rates and liquidity.

Market Heartbeat

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hang Seng TECH Index

BABA-W

JD-SW

MNSO

TENCENT

BIDU-SW

KUAISHOU-W

WUXI BIO

XTALPI

WUXI APPTEC

GIGADEVICE

CITIC RESOURCES

SHENGHUI CLEAN

XIAOMI-W

SMIC

MINIMAX-WP

SYNAGISTICS

Hong Kong Stock Market Closing | The Hang Seng Index fell 0.29%, with a divergence in the technology and retail sectors, while popular stocks like MINIMAX-WP surged significantly